A crypto exchange fund is coming to Switzerland

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The crypto world has been waiting with bated breath for U.S. regulators to approve an exchange-traded fund or product. While it is unclear when such a product will come to the U.S., it is clear that one will be trading on Switzerland's Six exchange next week, according to a report in the Financial Times. The so-called Amun Crypto ETP is designed to track an index based on 5 cryptos, including XRP, bitcoin cash, ethereum, litecoin, and bitcoin. “The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments,” co-founder Hany Rashwan said. Jane Street and Flow traders are two market-making firms that have provided seeding for the upstart venture, according to Flood. It'll trade under the ticker Hodl. (Source: Financial Times)

Reporting by Frank Chaparro. 

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Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

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